PGE on way to double float

06 Oct 2010

Poland’s government began selling a 10% stake in energy firm PGE Polska Grupa Energetyczna on Wednesday evening and while the $1.5bn deal will not price until tonight’s close at the earliest, the books were close to being oversubscribed at midday on Thursday, said a banker working on the deal.

The 10% sale nearly doubles the float of the company and represents 180 days’ trading volume. Poland sold a 13% stake in the country’s leading energy utility last October.

Domestic demand has been strong, as expected for a Polish deal, but the overseas component has also been good, said ...

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